(TORONTO) August 30, 2004 - SNC Insurance Company (Barbados) Inc. and Stop 'N' Cash 1000 Inc. located in Kitchener, Ontario have been ordered to cease and desist conducting insurance business in Ontario, the Financial Services Commission of Ontario said today.
An investigation found that these companies are providing insurance as part of financing payroll loans and are not authorized to conduct insurance business in Ontario.
A similar order was issued today by the Financial Institutions Commission of British Columbia in respect of unauthorized insurance business in that Province and both Orders were part of a coordinated effort.
Media Contact
Rowena McDougall
(416) 590 - 7176
rmcdouga@fsco.gov.on.ca
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For immediate release
Cease and desist order issued
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Financial Services Commission of Ontario